Retirement Systems of Alabama has bought the CNHI LLC newspaper chain, papers in the chain reported.
Details of the deal were not made public.
CNHI, which was owned by Raycom Media, has more than a hundred papers and websites in 22 states, including 68 dailies.
RSA operates the pension fund for Alabama’s public employees and controls billions in assets.
The two companies were linked previous to the sale, as RSA had $2.7 billion invested in Raycom Media as of mid-2018, AL.com reported.
Atlanta-based Gray Television group bought Raycom’s TV stations, completing the sale this month. The combined Gray now owns stations and digital properties in 91 TV markets, including 150 affiliates of CBS, NBC, ABC and Fox. As part of the deal, Gray sold off nine stations in markets where it overlaps with Raycom.